Devex uses cookies to provide you with the best possible user experience. By continuing to use the website, we understand that you accept our Cookies Policy. To learn more, please see our Privacy Statement.

Saudis, UAE step in to help Egypt while the West waits

Protestors flood into Tahrir Square to call for the removal of Egyptian President Mohammed Morsi on July 7, 2013. Following the ouster of Morsi, Saudi Arabia and the United Arab Emirates have pledged aid to Egypt to help with the severe foreign currency crisis in the country. Photo by: Zeinab Mohamed / CC BY-NC-SA

Saudi Arabia and the United Arab Emirates — which last week where among the first to recognize Egypt’s new military-installed government — pledged $8 billion to deal with a severe foreign currency crisis, and also in the eyes of many prop up the regime in case the West decides to cut aid.

Of the total, the Saudis will provide $1 billion in direct bilateral aid, $2 billion in oil and gas and a $2 billion interest-free deposit, while the UAE has pledged a $1 billion grant and a $2 billion deposit.

On the other hand, the UAE — a staunch ally of deposed Egyptian leader Hosni Mubarak which never warmed out to recently ousted Mohammed Morsi — is the Arab world’s top donor and the first Gulf state to enter the Organization for Economic Co-operation and Development’s list of 20 top donors in ODA/DNI percentage, where it ranked No. 16 in 2012. The aid community is however not so sure they will be willing to help countries without a sizeable Muslim population.

In the meantime, interim Egyptian president Adli Mansour appointed liberal economist Hazem al-Biblawi as the country’s new prime minister and unveiled a plan for a transition to democracy within months.

Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.

About the author

As associate editor for breaking news, Carlos Santamaria supervises Devex's Manila-based news team and the creation of our daily newsletter. Carlos joined Devex after a decade working for international wire services Reuters, AP, Xinhua, EFE and Philippine social news network Rappler in Madrid, Beijing, Manila, New York and Bangkok. During that time, he also covered natural disasters on the ground in Myanmar and Japan.

Join the Discussion

Devex is the media platform for the global development community.
A social enterprise, we connect and inform 900,000+
development, health, humanitarian, and sustainability professionals
through news, business intelligence, and funding & career
opportunities so you can do more good for more people.
We invite you to join us.